David Stanton
Question:37 Mr. Stanton asked the Minister for Finance the way in which he will use the revenue in excess of estimates which is now accruing to the Exchequer; and if he will make a statement on the matter. [13644/98]
Written Answers. - Tax Revenue.
I refer the Deputy to my reply on 28 April 1998 to Question No. 56 from Deputy Ferris and Question No. 61 from Deputy Olivia Mitchell. For the record, I will repeat the answer I gave at that time.
At budget day, I forecast an Exchequer borrowing requirement of £89 million or 0.2 per cent of GNP. The latest projections from my Department suggest that we are on course for a budget surplus of £400 million or 0.9 per cent of GNP. In general Government terms this amounts to 1.2 per cent of GDP.
The Deputies may recall that in the recent budget I set out my budgetary strategy for the next three years. For the assistance of the House I would like to cite this. I said that it was necessary to take account of a number of strategic issues: provide for capital investment; reduce the tax burden; pursue social inclusion; prepare for EMU; anticipate changes in European Structural Funds; plan for an ageing population and reduce our National Debt.
In relation to the national debt I went on to say "As a country we are still deeply in debt. At the end of this year it is likely to exceed £30 billion or about £22,000 for every person at work. The interest cost alone will be over £2,300 million. We must free up these resources. Think of the alternative uses we could make of them: in increased investment, improved social services, or a reduced tax burden."
I do not propose to depart from this strategy.